Sohrab Vazir
Consultant | Founder | Global Citizen | Writer
Tag Archives: Startup
Why Foreign Entrepreneurs Should Start a Business in Georgia
In recent years, Georgia has emerged as a prime destination for foreign entrepreneurs looking to establish their businesses. This small country, nestled at the crossroads of Europe and Asia, offers a unique blend of favourable policies, strategic advantages, and a vibrant cultural environment. If you’re considering expanding your entrepreneurial ventures, here’s why you should start a business in Georgia. 1. Business-Friendly Environment One of the standout features of Georgia is its remarkably business-friendly atmosphere. The country ranks highly on the World Bank’s Ease of Doing Business Index, thanks to government reforms aimed at simplifying business registration and reducing bureaucratic red tape. Entrepreneurs can set up a business quickly and efficiently, allowing you to focus on growth rather than navigating complex regulations. 2. Attractive Tax Incentives When you start a business in Georgia, you’ll benefit from one of the most favourable tax regimes in the region. The corporate tax rate is set between 0%-20%, and in certain Free Industrial Zones, businesses enjoy a zero percent corporate tax on reinvested profits. This favourable tax structure makes Georgia an appealing choice for entrepreneurs looking to maximise their profits. 3. E-Residency Program Georgia’s innovative e-residency program allows entrepreneurs from around the world to register and manage their businesses online. This unique initiative enables you to operate your business remotely, offering flexibility and convenience. Whether you’re a digital nomad or simply prefer the freedom to work from anywhere, e-residency makes it easier than ever to start a business in Georgia. 4. Low Cost of Living Starting a business often involves significant expenses, but Georgia offers an affordable cost of living compared to many Western countries. This affordability extends to housing, food, and transportation, allowing entrepreneurs to stretch their budgets further. With lower overhead costs, you can reinvest more in your business, enhancing your chances for success. 5. Strategic Location Georgia’s geographical position makes it a strategic gateway to both European and Asian markets. With access to major trade routes and free trade agreements with several countries, Georgia provides excellent opportunities for entrepreneurs to expand their reach. This strategic advantage is particularly valuable for businesses looking to tap into diverse markets. 6. Vibrant Startup Ecosystem The capital city, Tbilisi, is home to a burgeoning startup ecosystem that is fostering innovation and collaboration among entrepreneurs. With numerous incubators, accelerators, and co-working spaces, you’ll find ample opportunities to network, share ideas, and gain support from fellow business owners. This vibrant community is an excellent resource for new entrepreneurs seeking mentorship and guidance. 7. Rich Cultural Heritage Georgia is known for its rich history, diverse culture, and warm hospitality. The country’s unique blend of Eastern and Western influences creates an inspiring environment for creativity and innovation. By choosing to start a business in Georgia, you not only gain a strategic location and favoUrable policies but also immerse yourself in a culturally rich experience that can enhance your entrepreneurial journey. Starting a business in Georgia presents a unique opportunity for foreign entrepreneurs. With its business-friendly environment, attractive tax incentives, low cost of living, and strategic location, Georgia is an ideal choice for those looking to expand their ventures. The vibrant startup ecosystem, coupled with rich cultural experiences and supportive government initiatives, makes Georgia a prime destination for entrepreneurial growth. If you’re ready to embark on your entrepreneurial journey, consider Georgia as your next business destination. With its numerous advantages, your venture is set to flourish in this dynamic country. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses.
Business Ideas: Do you have to solve a problem?
Business ideas have become synonymous with solving a problem. However, do you always have to solve a problem when coming up with a business idea? I will highlight the supporting and opposing arguments concerning a problem-solution-based approach to business ideas. Business ideas, and finding the right one, are not easy tasks in this day and age. There is stiff competition and there is a chance that any good idea that you come up with has already been implemented. This has led to many professionals, consultants and even academics advocating for a problem/solution approach to validating business ideas. Business ideas should solve a problem? Okay, let’s look at the solution-based approach to business ideas. I do support this principle and my ventures so far have implemented it. The benefits of a solution-based approach is that: The issue with this approach is that: However, not all successful ventures are based on solving a problem. Consider the following business models/companies: -Coca Cola -Dating apps such as Tinder -OnlyFans None of these companies solve a problem per se. Yet, they are billion-dollar ventures. With dating apps, one may argue that they solve the problem of loneliness. However, one does not necessarily need a dating app to meet their partner. The reason why these companies are successful is one factor: demand. And demand is not always necessarily based on solving a problem but rather on people’s willingness to pay for what you offer. To summarise: solving problems is a useful approach to coming up with business ideas. However, the aforementioned should not be the exclusive principle and founders must prioritise demand as the core factor. Struggling to come up with a business idea? As a business consultant and former tech founder, this is my specialty. Contact me to see whether I can help you with finding the right business idea or check out my advisory program specifically designed for new/prospective business owners. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business. Now I help aspiring business owners and job seekers fulfil their potential.
Patents: 4 Basic Facts
Patents are complex, and obtaining them is only part of the hurdle. As a business consultant working with innovative founders, I get a lot of questions about patents. While I am not a patent attorney, I will share 4 basic facts about patents that will give you an idea about protecting your intellectual property through this route. Obtaining patents is certainly a complex path. You must consult a patent attorney if you wish to do so. However, to get started, I will share 4 basic facts about patents that will give you an idea of what to expect. 1. Patents are expensive First of all, patents cost a lot. As an example, let’s look at the UK: Summary of Costs As you notice, the key costs are associated with patent attornies, which you must consult if you decide to file and register a patent. For more information on UK patent costs, check here. 2. Patents take time It takes time to register a patent. On average, you are looking at 1 to 2 years (although this may vary). However, the key principle is that, unlike trade marks, patents are more complex and time-consuming. 3. They are jurisdictional Similar to trade marks, patents usually cover a certain jurisdiction, for instance, the UK. If you wish to obtain multi-jurisdictional protection, there are higher fees. 4. Obtaining a patent is not the end Lastly, it should be noted that obtaining a patent is not the end of the line. Your competitors, often firms with more resources, will most likely seek to find a way around your patent or worse, get into a legal patent battle with you. And what must be noted is that these legal battles will cost you, a lot. If you are seeking to register a patent, it is important to consult a patent attorney. Working with me as your business consultant includes introducing you to one to ensure you obtain solid advice before making any decisions and investing your resources. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business. Now I help aspiring business owners and job seekers fulfil their potential.
How to start a business with no money
If you wish to start a business with no money, you have a difficult journey ahead. However, it is certainly not impossible. I will give you some realistic tips and steps that can help you start a business with little or no money. I personally comprehend the difficulty of starting a business with no money. Back in 2016, I was a 22-year-old graduate and embarked on the path of business ownership whilst I had less than £500 to my name. To make things worse, I was on a business visa in the UK and had to meet certain milestones, making it even harder. Read more about my story here. However, I eventually grew the business to over 30 UK cities and a team of four. Yes, I did have additional capital available to me, but the business’ foundation and traction was achieved with less than £500. Here are some options that may be worth considering if you want to start a business with no money. 1. Business grants Depending on where you are and your proposed business, there may be business grants available to you. Some grants provide a lump-sum payment, and some others cover a portion of your business expenses. 2. Credit cards & loans In the UK, you can search for grants via the UK government website here. This is a tricky one. I am personally against racking up debt, and certainly in the case where that debt is spent towards a non-certain outcome. However, starting a business is about taking risks. Therefore, this is an option worth considering. 3. Barter This is an option that is less often referred to. However, it is worth considering if you possess in-demand skills. Barter is essentially exchanging a good/service in exchange for the same. For instance, you may have solid writing skills. You meet a developer who needs a copywriter for a project. At the same time, you require an app. By exchanging skills, you can achieve certain outcomes towards starting a business with no money. These options are worth considering if you wish to start a business with no money. Although they may not be applicable to everybody, it’s important to not allow the lack of capital to deter you from pursuing your vision. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business. Now I help aspiring business owners with starting and scaling the ventures.
Start a business, but not for the wrong reasons
If you are planning to start a business, it is important to understand “why” you are doing so. Each venture has its own “why” and mission. However, some reasons are the wrong ones to begin with, and I will talk about 3 of them in this piece The motivation to start a business vary for each founder or founding team. You may be seeking to offer an innovation, improve an existing process, or fill an existing market gap. However, as a consultant, I have noticed a new wave of “aspiring” business owners who are seeking to become entrepreneurs. Yet, their reasons for doing so are shallow and lack a valid commercial basis. Some of the common themes among these wrong reasons are: 1. Not wanting to have a boss The mindset of starting a business so you can not have a boss to answer to is a dangerous one. You are indeed in charge of everything and there is not a superior that you have to be accountable to. Nevertheless, I learnt that even as a business owner, your customers and other stakeholders are your boss. These are parties that you must keep happy and be accountable to. Thus, the idea that by being a business owner you will forfeit accountability is incorrect. 2. Getting rich quickly I am not denying that businesses are commercial entities. Hence, making money is the primary motive. However, entrepreneurship should not be viewed as the gateway to getting rich quickly. This is unlikely to happen rapidly in the case of most businesses and it will take time, risk, resources and patience. If you are unwilling to invest the abovementioned into starting a business and are looking to make a quick buck, you may be in for disappointment. 3. Ego and vanity Lastly, if starting a business is a tool to stroke your ego and “show off”, you are in for the wrong reason. My philosophy is that the first step towards starting a business is to drop your ego and adopt the mindset that you know nothing. These are 3 common wrong reasons for starting a business. Before doing so, make sure that you have a clear “why” and emphasise the commercial context of starting a business. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I now help other entrepreneurs, such as myself, with their businesses, and mainly with obtaining endorsements from the endorsing bodies.
Startup funding: a simple guide
Navigating the world of startup funding can be a daunting task for founders. Securing the right type of cash injection at the right time is crucial for your startup. This comprehensive guide will walk you through the various stages of startup funding, the types of funding available, and best practices to attract investors. What is Startup Funding? Startup funding refers to the money that entrepreneurs raise to launch and grow their new business ventures. This funding can come from various sources, each with its own benefits and requirements. The primary goal is to secure enough capital to cover initial costs, sustain operations, and scale the business until it becomes profitable. Stages of Startup Funding 1. Pre-Seed Funding Pre-seed funding is the earliest stage of funding, often coming from the founders themselves, friends, family, or small angel investors. This stage focuses on developing the initial business idea, market research, and creating a minimum viable product (MVP). 2. Seed Funding Seed funding is the first official equity funding stage. It helps startups conduct product development, market research, and business model validation. 3. Series A Funding Series A funding focuses on scaling the product and user base. Startups use this funding to optimize their product offerings, expand the team, and enter new markets. 4. Series B Funding Series B funding is used for scaling operations, including expanding the market reach, hiring additional team members, and improving technology. 5. Series C Funding and Beyond Series C funding and subsequent rounds are aimed at scaling the business rapidly, developing new products, entering international markets, or preparing for an acquisition or IPO. Types of Startup Funding 1. Bootstrapping Bootstrapping involves funding the startup using personal savings or revenue from the business. It allows founders to retain full control and ownership but can limit growth due to limited capital. 2. Angel Investors Angel investors are high-net-worth individuals who invest their personal funds in startups in exchange for equity. They often provide mentorship and valuable industry connections. 3. Venture Capital (VC) Venture capital firms invest in startups with high growth potential in exchange for equity. They typically get involved in later stages (Series A and beyond) and provide significant funding along with strategic guidance. 4. Crowdfunding Crowdfunding involves raising small amounts of money from a large number of people, typically via online platforms like Kickstarter or Indiegogo. It’s an excellent way to validate market interest and gain early customers. 5. Grants and Competitions Grants and competitions offer non-dilutive funding, meaning you don’t have to give up equity. These are often provided by government programs, non-profits, or industry competitions. 6. Bank Loans Bank loans are traditional funding methods where startups borrow money and repay it with interest. This option does not require giving up equity but does require a solid business plan and creditworthiness. Best Practices to Attract Investors 1. Develop a Solid Business Plan Investors need to see a well-thought-out business plan that outlines your vision, market analysis, revenue model, and growth strategy. Ensure your plan highlights the potential return on investment. 2. Build a Strong Team A talented and dedicated team is crucial for success. Investors are more likely to fund a startup with a strong leadership team that has relevant experience and a proven track record. 3. Create a Minimum Viable Product (MVP) Developing an MVP demonstrates your ability to execute your idea and provides a tangible product for investors to evaluate. It also helps validate your business concept in the market. 4. Network and Build Relationships Attend industry events, join startup incubators, and use online platforms like LinkedIn to connect with potential investors. Building relationships can lead to valuable introductions and funding opportunities. 5. Show Traction Demonstrate market demand and your startup’s potential by showing early sales, user growth, or partnerships. Traction proves that there is a viable market for your product or service. Conclusion Understanding how startup funding works is essential for any entrepreneur looking to turn their business idea into a successful company. By familiarizing yourself with the various stages and types of funding, and following best practices to attract investors, you can secure the capital needed to launch and grow your startup. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I now help other entrepreneurs, such as myself, with their businesses, and mainly with obtaining endorsements from the endorsing bodies.
How I started a tech startup with ÂŁ500 & scaled it to 30+ UK cities
Following the completion of my master’s degree, I founded a tech startup called StudyFlats. Within 3 years, I scaled this PropTech company to over 30 UK cities, with a client base in over 50 countries. As a solo non-technical founder, the idea for StudyFlats seemed far-fetched at first. My business idea was first put to the test when I spoke to Newcastle University. I was an international student in the UK on a visa and therefore had to obtain the correct visa. I pitched the idea to Newcastle University and managed to receive an endorsement for the Tier 1 Graduate Entrepreneur Visa scheme. This was the former equivalent of the former Startup Visa in the UK. The first year The first year was one of the most difficult years of my life. I was a 22-year-old graduate, with a laptop and £500 in my bank account. Not to mention that I had no coding knowledge/background and thus could not create the website myself. I was getting quotes upwards of £10,000 from agencies to create StudyFlats’ website. Needless to say, these were not an option and I was stuck. At the same time, a very dear friend of mine from University, introduced me to a developer who agreed to complete the backend functionalities, whilst I learnt the other parts, especially SEO as I knew I’d heavily rely on it. In the meantime, I was proofreading students’s assignments and dissertations to fund the business and my daily expenses (living in a single room with shared toilets that year was no fun at all). The lesson that I learnt was: where there’s a will there’s a way. I had no option but to grow this company despite all the hurdles. The second & third years year In the second and third years, things began to improve. By the second year, StudyFlats operated in 10 cities. However, this is also when a major competitor began scaling with £70m of funding! It is also worth noting that StudyFlats worked with contractors/freelancers during the second year. Hence, there was no “team” at this point and I essentially did everything that was needed. However, I adopted 2 strategies that gained a unique competitive advantage for StudyFlats, which was integral to its growth. These were: By the end of 2019, we were a team of five, operated across 30+ UK cities, consulted 1000+ students from 50+ countries, and had investors approaching us themselves. March 2020: goodbye And this is where the brutal reality hits: you can do everything right and things can still go south. With the events of 2020, I was reluctant to maintain the company’s operations for that period as it seemed extremely unpredictable and possibly a recipe for liability. Additionally, we needed cash to maintain the company’s operations, yet this was simply not possible as we paused our operations. By 2021, I considered relaunching the company’s operations. However, after considering several factors including the desire to do what I do now as a consultant, I made the very difficult decision that every founder resents. However, I see StudyFlats as a learning experience, the driver of my settlement in the UK and an opportunity that was missed due to factors outside my control. We live and learn, it is what it is. Starting and scaling a (tech) startup is not for the faint-hearted. It involves pain, uncertainty, disappointment, rejection and loneliness. But in the end, it can all be worth it, as it was in my case. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I now help other migrant entrepreneurs, such as myself, with their businesses, and mainly with obtaining endorsements from the endorsing bodies.
Are online courses useful for people starting their own business?
If you are thinking of starting your own business, then you may have considered completing online courses. In recent years, there has been an unprecedented surge in the provision of online courses, especially around starting your own business. However, are they useful? Or simply useless? The answer to the above is: it depends. Online courses can be useful for people who want to start their own business. However, you must use them in the right way and with the right intention. Let me answer this question differently. Generally, with business, you are preoccupied with three key questions: The question is whether an online course would be appropriate for and beneficial in answering those three questions. Online courses are useless for the “Why” There are a myriad of courses on “business mindset”, “growth hacks”, “growth mindset”, “billionaire mindset” and so on. These promise to give you the right mindset to make your billions (and yes, it is most definitely utter BS). I believe that any entrepreneur should start a business out of their instinct. They should not need any person or entity telling them why they should start a business or get into the right mindset of setting one. Entrepreneurship is a journey of evolution Understanding the context of this article demands an understanding of the philosophy of entrepreneurship. Entrepreneurship is inherently defined by risk and uncertainty. It is unconventional. There is a reason why the majority do not pursue this path, despite not necessarily loving their daily jobs. It is about understanding and accepting that you are taking a massive risk. You can do everything right, and it can still fail. Therefore, beginning this journey under a guided course is the wrong way to approach this path. Online courses are good for the “What” and the “How” Now that we have clarified where online courses for starting a business are not helpful, let’s consider the other side. I elaborated on a few points concerning entrepreneurship. Here are an additional 2 that are relevant: skills and knowledge. Implementing, managing and executing a business venture demands certain skills, and it may be specific to each founder and business. This is where online courses “may” be helpful for people starting their businesses. So long as you identify the following: Let’s look at an example below (me): Sohrab wants to start an online consultancy business. His main way of getting clients is online through his website and Google search. Therefore, Sohrab needs to understand Google Analytics to analyse his website’s performance. In this case, an online course on Google Analytics could be helpful for Sohrab. Starting your own business can be daunting. Need help? About My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I grew my business to over 30 UK cities, and a team of four prior to 2020. Currently, I help other entrepreneurs start their businesses.
Choosing a business bank account: what to consider?
One of the questions that most business owners will ask themselves is how to choose a business bank account. Choosing a bank account should always be thought through, especially for business purposes. There are plenty of business bank account options available these days. And like scarcity, abundance can also make things complicated. This is particularly the case with the emergence of digital “challenger” banks such as Starling & Monzo. As a business owner for almost a decade, I have learnt a thing or two about business bank accounts, and I want to share them with you today. Your business structure This is mainly a case of being self-employed or running a company/partnership. If you’re self-employed, a simple personal account may suffice, so long as your expenses/income is clear, so perhaps a separate personal account would be most suitable. However, when it comes to companies /partnerships (regardless of the type), you must get a business bank account. Business transactions Your business transactions are important when choosing a bank account. Specifically, consider the following concerning your (anticipated) transactions: -Average value -Frequency -Location(s) involved in your transactions -Charges by the bank Depending on your answers to the first two aforementioned points, certain banks may appeal to different customers. Therefore, it’s important to get an overview of your forecasted transactions and compare them against the offers available. Your rights upon possible account restrictions Every bank will have its own policies regarding account restrictions. This is a common occurrence and can happen for a variety of reasons, including compliance and investigations. For example, this has been a common issue among digital nomads because many do not have a fixed address. Hence, it’s important to understand the account’s terms and conditions regarding such scenarios. Business support Check to see if the business bank account offers additional support. You may not necessarily need it, but it can be helpful for some. Tide is an example of such an account, offering services such as company incorporation, support in accessing funding and so on. These are 4 things to consider when choosing a business bank account. Make sure you research your options carefully to avoid any regrets down the line. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats which I scaled to over 30 UK cities. I currently help other entrepreneurs and businesses of all size across several domains. For my credentials, please see here.
The general costs of running a limited company in the UK
If you want to start a business in the UK, one of the most common ways is through incorporating a limited company. There are various business structures in the UK that one may start a business through. The most common ways are: It is ultimately up to you to decide which structure fits you best. Each has its own tax implications and regulatory requirements. However, assuming that you wish to start a limited company in the UK, below are some of the costs that you will incur. Accounting Limited companies require the director(s) to submit annual accounts. Preparing and filing a limited company’s accounts, in most cases, will require an accountant’s assistance. The costs of an accountant can vary based on: Generally, you can expect to pay your accountant anywhere between ÂŁ500-ÂŁ2000 per year. These are broad estimates, and you may even have to pay more in certain circumstances. Registered address UK limited companies require a registered address. If you have an office, then that address will suffice. However, if you do not have an office, there are two options: Confirmation statement Limited companies are required to file a Confirmation Statement every year, which costs ÂŁ13. On many occasions, this fee will be covered by your accountant as part of their services. Company incorporation Depending on how you incorporate your company, there is an incorporation fee. The cost can range from ÂŁ10 to ÂŁ40. Corporation tax This will depend on whether your UK limited company makes a profit. Currently, the UK’s corporation tax rate is per below: 19% : for limited companies with profits between 0-ÂŁ50,000 25%: for limited companies with profits above ÂŁ250,000 For full information, please refer to the UK Government’s website. These are some of the general costs of running a UK limited company. If you are planning to start a business in the UK and need help, get in touch with me to start your journey today. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats which I scaled to over 30 UK cities. I currently help other entrepreneurs and businesses of all size across several domains. For my credentials, please see here.